After you are involved in a car accident, it is typical to notify your insurance company in order to be compensated for the losses incurred. As per your insurance policy agreement, the process should be straightforward and result in recovering the actual loss. However, insurance companies often undervalue the value of their insured’s claims, regardless of whether the damages are easy to determine (such as the cost of repair) or difficult to determine (such as pain and suffering).
In this article, we will discuss the key factors that insurance companies consider before making an offer for your claim, even if you decide to hire a personal injury lawyer.
What Factors Do Insurance Adjusters Consider When Determining Compensation?
After reviewing the documents related to your accident, an insurance adjuster will begin assessing the value of your claim. To do so, they must carefully consider many details, from the circumstances of the accident to the damage to your body and property. Some of these factors can be easily quantified into monetary terms, while others rely on subjective approximations, such as pain and suffering, loss of companionship, and permanent disability.
Additionally, the insurance adjuster will evaluate any factors that might diminish the value of your claim. They will assess the credibility of your statements and look for any indication that your injuries are exaggerated or unrelated to the accident. While an insurance company is unlikely to deny an obvious claim, they may highlight these factors to encourage you to accept a lower compensation than you deserve.
The Damages Formula
As previously mentioned, some damages resulting from a car accident cannot be easily quantified into monetary terms. That is where the insurance company’s damages formula comes in handy. The insurance adjuster will use your medical bills and any other economic damages as the basis for the calculation. This may include lost wages due to the accident. The amount calculated may then be used to determine the value of non-monetary damages by multiplying it by a certain number, which varies depending on the severity of the damages.
In cases where the injuries are permanent or long-lasting, the insurance company will take more time to evaluate each of the damages claimed. While each insurance company may operate differently, almost all of them utilize a standard formula for calculating the value of a car accident case.
Apply a Discount: Comparative Fault
Determining fault after an accident is not always straightforward. Your insurance adjuster will carefully review the evidence surrounding the accident, including the police report, photos of the scene, and statements from drivers and witnesses. Insurance adjusters are trained to be critical and will gather information from both sides, and in some cases, hire their own experts to evaluate the crash.
It is important to understand that insurance adjusters are focused on evaluating the claim from the perspective most favorable to their insured. As a result, they may try to discredit your version of events and assess the damages by the percentage of responsibility they can assign to you. If fault is not clearly on their insured, they may offer nothing or significantly reduce the compensation for damages.
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Why You Need a Strong-Willed Attorney
Insurance companies prioritize profits over everything else, even if it means acting in bad faith. As a victim of a car accident, it’s not always realistic to expect them to treat you fairly. Be wary of adjusters who prioritize their own interests and are out to reduce your compensation. In some instances, they may even reject your claim outright. Hiring a forceful attorney can help safeguard your rights and interests during negotiations, particularly when dealing with insurance companies. Your legal team, being skilled negotiators, will work to ensure that the offers you receive are fair and accurately reflect the losses you incurred.
How Our Attorneys Can Assist You
After a car accident, many victims are unaware of their right to compensation, which often allows insurance adjusters to take advantage of their situation and deny their claims. To protect your rights and interests, it is highly recommended to hire a personal injury lawyer. A qualified attorney will litigate your case and seek the full compensation that you are entitled to.
At our law firm, we understand the challenges that come with an accident and the stress it can cause you and your loved ones. Our expert legal team is committed to helping you recover and get the compensation you deserve. Contact our offices today for a free consultation to discuss your case with us.
Call or text (832) 449-8230 or complete a Free Case Evaluation form